In reply to a question about investing in making 10-12 manufacturing units, he said: “If we are going to manufacture in India, then the investment figure will be much higher than quoted in the media reports”. He, however, said no specific investment plan has been finalised yet.

A local television channel reported earlier on Tuesday that the company was planning a joint venture worth $5 billion with Foxconn to build components for companies like Apple Inc (AAPL.O) and Amazon (AMZN.O).

Following a PMO directive, communications minister Ravi Shankar Prasad and secretaries from half-a-dozen ministries held a series of meetings with the Foxconn top executive, indicating chances of some big-ticket investments.

Earlier, Foxconn officials met Telegana Chief Minister K. Chandrasekhar Rao and Andhra Pradesh Chief Minister Chandrababu Naidu in what officials described as an exercise to identify preferred manufacturing hubs.

Last month, Adani’s shareholders had cleared a proposal allowing the firm to raise up to Rs 6,000 crore through issuance of securities to sustain rapid business growth.

The Taiwanese iPhone maker is already examining the possibility of setting up a manufacturing facility in Hyderabad. A second facility is being considered near Bangalore.

Gou also confirmed reports that Foxconn had signed a deal with Adani but said that it was not only in the handset business. The JV will produce handsets for markets in West Asia, Africa and Russian Federation besides the domestic market. Adani Enterprises’ agreement with Foxconn will give the former company a thrust in mobile and electronics manufacturing in India as the JV will be looking to manufacture whole host of electronics including tablets and mobile phone for brands like Apple and Kindle.